The announcement of the strategic investment project (“Project Star”), the Korea - U.S. Nuclear Power Plant Projects (“Project Power”), and a plan to work together on the Alaska LNG project (“Project North”) is the direct result of the historic $350 billion Trade Deal between Korea and the United States. The plan announced today will expand the stable power supply needed for AI and strategic industries, strengthen critical supply chains, and contribute to enhancing the energy, economic, and national security of both countries.

Project Star, Texas 

• Location: Encinal, La Salle County, Texas 

• Project Type: Construction and operation of a combined-cycle gas power plant

• Cost: $22.3 billion

• Capacity: 6,472 MW

• Operator: Joint Venture between Related Companies and NextEra Energy Resources

• Project Partners: Lewis Energy Group 

• Timeline: 1^st stage COD in 2029; full capacity in 2032

• Korean Industrial Participation: Both countries will expand the participation of qualified Korean companies across all aspects of the project – including power generation equipment, engineering & construction, and long-term operation & maintenance – thereby contributing to the successful implementation of the project and to enhanced cooperation between the companies of both countries. In addition, the United States, in good faith, intends to provide Korean companies the opportunity to supply Korean equipment, including turbines, to other similar projects in the United States.

• Description: This project involves building a large-scale combined-cycle gas power plant in Texas, where electricity demand is growing rapidly, to supply power directly to data centers. It will support the stable operation of AI data centers while promoting Korea-U.S. cooperation in the energy and infrastructure sectors. 

Project Power, Korea – United States Nuclear Power Plant Projects

1. Building Eight Nuclear Power Plants in the U.S.

• Location: United States (specific sites to be specified)

• Type: Large-Scale Civil Nuclear Power Plant Construction and Operation

• Scope: Includes a blueprint for the construction of eight nuclear power plants, which integrate two APR1400 units and six AP1000 units.

• Investment: Funding totals $120 billion. Out of the $120 billion, $100 billion is slated for construction costs (overnight costs) and $20 billion for contingency reserves. These reserves are counted toward the investment amount.

• Participants: U.S. Department of Commerce; U.S. Department of Energy; Government of the Republic of Korea; Westinghouse Electric Company (“WEC”); Korea Electric Power Corporation; Korea Hydro & Nuclear Power Co., Ltd.

• Description: Project Power establishes a comprehensive cooperation structure to contribute to the goal set forth in the U.S. Nuclear Energy Executive Order (May 2025) of having 10 new large reactors with complete designs under construction by 2030, bringing together governments, reactor vendors, EPC contractors, and utilities needed to deliver at scale. By combining U.S. technological expertise with Korea’s supply chain capabilities and leveraging successful deployment cases in the United States, the two parties will broaden their strategic, long-term cooperation in the global nuclear power market. The parties will develop and announce individual projects separately as sites, schedules, and commercial terms are finalized. Both countries have agreed to cooperate on transferring a $10 billion advance payment by the end of the year to facilitate efforts, which are aimed primarily at the immediate purchasing of long-lead items, in accordance with all applicable domestic legal requirements.

2. Significant Minority Equity Investment in WEC

• Participants: Korean Companies (TBD)

• Description: Details will be finalized at a later date.

Project North, Alaska

The United States and Korea have agreed to commence working on the Alaska LNG project, subject to meeting commercial reasonableness under the Strategic Investment MOU and all applicable domestic legal requirements. In developing the project, the United States will facilitate the favorable involvement of Korean vendors and suppliers. The United States intends to provide assurances, to the extent possible, regarding offtake agreements at economically viable prices granting Korea priority access to Alaska LNG produced by this project.